Modi flags off India's most advanced IOC Paradip refinery
New Delhi 07-Feb-2016
IOC's Paradip refinery will switch over to BS-VI fuels and its indigenous
INDMAX unit marks Make in India for new technology for LPG
Amid global gloom and static capacitity expansion by oil majors, Prime Minister Narendra Modi on Sunday flagged off Indian Oil Corp's Rs 34,555-crore Paradip refinery, touted as India's most advanced and capable of producing Bharat Stage VI fuels.
Modi takes forward the ambitious state-of-the-art Paradip Refinery, the 11th refinery of IOC, after its foundation stone was laid by Atal Bihari Vajpayee on May 2000. It will enhance IOC capacity by 15 million tonne per annum.
The Paradip refinery will take Indian Oil's total refining capacity to over 80 MTPA, further consolidating its position as India's largest fuel refiner.
Speaking at the inauguration, Modi said this grassroots Refinery will further augment India's refining capacity.
He reiterated his vision of a 10% reduction in crude oil imports by 2022, he said, "We will complete 75 years of independence in the year 2022, I hope that we manage to reduce the import dependence on crude oil by capitalising on Biofuel and Ethanol blending programmes."
"This Paradip refinery is the Vikas Deep for Odisha and the youth of Odisha. This will take gas cylinders to the homes of the poor," Modi said in a series of tweets.
"Initiatives have to be futuristic and completed before the designated time period. Delays shouldn't occur," he said. "Paradip refinery has established a records of sorts when it comes to Make in India."
"...Paradip Refinery will truly be a gateway to opportunities in Odisha and Eastern India," Petroleum Minister Dharmendra Pradhan tweeted ahead of the launch.
What's important, the Paradip Refinery will produce petrol and diesel of BS-IV quality and will switch over to BS-VI quality to comply with the Auto Fuel Policy of the Government of India. The refinery is also designed to produce Euro-V premium quality Motor Spirit and other green auto fuel variants for export to advanced countries.
Also, the commissioning of INDMAX Unit at Paradip (4.17 MMTPA), marks a major milestone in the history of Indian refining as it will be recognised globally as a technology supplier. "Implementation of INDMAX technology is Indian Oil's true tribute to the 'Make in India' initiative of Prime Minister Narendra Modi."
Paradip Refinery has a unique INDMAX Unit technology, which is indigenously been developed by IndianOil's R&D Centre. The INDMAX Unit is designed to produce 44 per cent LPG, the highest from such plants.
The refinery at Paradip will help in meeting the burgeoning energy demands of the country. "For better profitability, the refinery has been designed to process 100 per cent high sulphur, including 40% heavy crude oil of low cost to produce various petroleum products like Petrol, diesel, kerosene, Aviation Turbine fuel, Propylene, Sulphur and Petroleum Coke.
"Considered amongst the most advanced refineries in the world, Paradip Refinery will serve as a catalyst for energising the industrial and economic development of the entire region and the state of Odisha in the long run," the company said in a statement.
With the vision to earn further value-addition to Paradip Refinery, a 700 KTA capacity Polypropylene (PP) Plant, based on Propylene recovered from Cracked LPG generated from INDMAX Plant, is under implementation at an approved cost of Rs 3,150 crore and is scheduled for completion by 2017-18.
The refinery also has plans to set-up an Ethylene Recovery Unit and Mono-Ethylene Glycol (MEG) at an estimated cost of Rs 3,800 crore. These units are expected to be completed by 2020-21.
Indian Oil is also evaluating the options of setting-up manufacturing facilities for Para-Xylene, PTA and synthetic ethanol at Paradip. Subject to techno-commercial viability, these facilities may be installed in the next five to seven years time.
